+ A
A -
Tribune News Network
Doha
Al Khalij Commercial Bank (al khaliji) on Monday reported a more than 6 percent jump in its 2019 net profit, which rose to QR646 million as compared to 2018.
Its net operating income reached QR1.178 billion for the year ending December 31, which constitute a growth of 3 percent when compared with that in 2018.
Operating expenses for 2019 remained flat at QR329 million, resulting in a cost to income ratio of 27.9 percent.
Loans and deposits increased by 3 percent and 6.8 percent quarter- on - quarter while the capital adequacy ratio at year-end stood at a healthy 19.1 percent.
The Board of Directors of al khaliji approved its consolidated financial statements in their meeting held in Doha on Monday and recommended a cash dividend (subject to QCB approval) of 7.5 percent of the nominal share value, or QR0.075 per share.
“al khaliji ended 2019 on a firm footing, delivering increased profitability of QR646 million. These results are in line with our vision of steady growth, and we have delivered them through the excellent dedication, integrity and hard work of our staff,” said al khaliji Chairman and Managing Director Sheikh Hamad bin Faisal bin Thani al Thani.
Qatar emerged stronger during 2019, playing host to a number of local and international initiatives and events, and has reaped the economic benefits of the same, he said.
“The government has announced a progressive budget for 2020, with QR90 billion announced for major projects including infrastructure. This will continue to create opportunities in the economy. We remain confident of our active participation in the local economy, and monetizing opportunities to deliver better value for all stakeholders of the bank.”
Fahad al Khalifa, al khaliji’s Group Chief Executive Officer, said, “The full year results reflect our continued focus on growing business locally in Qatar and selectively pursuing opportunities in the local economy.”
The bank’s net operating income grew by 3 percent year-on-year, driven primarily by an increase of 7 percent in net interest income, he pointed out.
“While we focused on improving operating income, we also continued our focus on maintaining an efficient cost base. Operating costs remained similar to 2018 levels, at QR329 million. Prudent management of our loan book has resulted in impairment charges being lower by 7 percent compared to last year. We will continue to focus on maintaining asset quality during 2020 as well.”
The bank remains progressive in building its balance sheet, with quarter-on-quarter growth in both loans and deposits of 3 percent and 6.8 percent respectively.
“At the same time, our balance sheet remains strong and liquid with 27 percent of total assets comprising cash and high-quality investment securities, and capital adequacy ratio standing at a robust at19.1 percent,” the CEO said.
During 2019, both Moody’s and Fitch re-affirmed their ratings of “A3/Stable” and “A/Stable Outlook” for the bank, noting its good asset quality, strong capitalisation and liquidity positions.
“In line with our vision and mission, we remained active within the community this year as well, ensuring our participation by sponsoring or hosting charitable, educational and social events,” said Fahad al Khalifa.
Similar to previous years, the bank bagged several industry recognitions, including the European Magazine’s ‘Best Corporate Bank - Qatar’ and ‘Best Financial Inclusion Programme - MENA’ titles; World Union of Arab Banks’ ‘Excellence in Private Banking in Qatar’ award, and Qatar Development Bank’s ‘Best Partner Bank’ title.
The World Bank forecasts economic growth averaging around 2.5 percent for Qatar for the 2020-2022 period.
The government has announced an investment-friendly budget for 2020, and has initiated several reforms to facilitate economic progress. Al khaliji is looking forward to 2020with that backdrop with a positive outlook and renewed optimism, and will continue to support our clients by working closely with them and further strengthen our franchise in Qatar.
Doha
Al Khalij Commercial Bank (al khaliji) on Monday reported a more than 6 percent jump in its 2019 net profit, which rose to QR646 million as compared to 2018.
Its net operating income reached QR1.178 billion for the year ending December 31, which constitute a growth of 3 percent when compared with that in 2018.
Operating expenses for 2019 remained flat at QR329 million, resulting in a cost to income ratio of 27.9 percent.
Loans and deposits increased by 3 percent and 6.8 percent quarter- on - quarter while the capital adequacy ratio at year-end stood at a healthy 19.1 percent.
The Board of Directors of al khaliji approved its consolidated financial statements in their meeting held in Doha on Monday and recommended a cash dividend (subject to QCB approval) of 7.5 percent of the nominal share value, or QR0.075 per share.
“al khaliji ended 2019 on a firm footing, delivering increased profitability of QR646 million. These results are in line with our vision of steady growth, and we have delivered them through the excellent dedication, integrity and hard work of our staff,” said al khaliji Chairman and Managing Director Sheikh Hamad bin Faisal bin Thani al Thani.
Qatar emerged stronger during 2019, playing host to a number of local and international initiatives and events, and has reaped the economic benefits of the same, he said.
“The government has announced a progressive budget for 2020, with QR90 billion announced for major projects including infrastructure. This will continue to create opportunities in the economy. We remain confident of our active participation in the local economy, and monetizing opportunities to deliver better value for all stakeholders of the bank.”
Fahad al Khalifa, al khaliji’s Group Chief Executive Officer, said, “The full year results reflect our continued focus on growing business locally in Qatar and selectively pursuing opportunities in the local economy.”
The bank’s net operating income grew by 3 percent year-on-year, driven primarily by an increase of 7 percent in net interest income, he pointed out.
“While we focused on improving operating income, we also continued our focus on maintaining an efficient cost base. Operating costs remained similar to 2018 levels, at QR329 million. Prudent management of our loan book has resulted in impairment charges being lower by 7 percent compared to last year. We will continue to focus on maintaining asset quality during 2020 as well.”
The bank remains progressive in building its balance sheet, with quarter-on-quarter growth in both loans and deposits of 3 percent and 6.8 percent respectively.
“At the same time, our balance sheet remains strong and liquid with 27 percent of total assets comprising cash and high-quality investment securities, and capital adequacy ratio standing at a robust at19.1 percent,” the CEO said.
During 2019, both Moody’s and Fitch re-affirmed their ratings of “A3/Stable” and “A/Stable Outlook” for the bank, noting its good asset quality, strong capitalisation and liquidity positions.
“In line with our vision and mission, we remained active within the community this year as well, ensuring our participation by sponsoring or hosting charitable, educational and social events,” said Fahad al Khalifa.
Similar to previous years, the bank bagged several industry recognitions, including the European Magazine’s ‘Best Corporate Bank - Qatar’ and ‘Best Financial Inclusion Programme - MENA’ titles; World Union of Arab Banks’ ‘Excellence in Private Banking in Qatar’ award, and Qatar Development Bank’s ‘Best Partner Bank’ title.
The World Bank forecasts economic growth averaging around 2.5 percent for Qatar for the 2020-2022 period.
The government has announced an investment-friendly budget for 2020, and has initiated several reforms to facilitate economic progress. Al khaliji is looking forward to 2020with that backdrop with a positive outlook and renewed optimism, and will continue to support our clients by working closely with them and further strengthen our franchise in Qatar.
